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-. 395: <br /> <br /> WHEI~EAS, the Act prohibits any Allocation made to a local agency pursuant to <br />Section 8869.85 of the Adt from being transferred by the initial recipient thereof to any <br />other local agency unless authority is expressly permitted for such a transfer and the <br />Allocation permits such a transfer by the City to the Authority; <br /> <br /> WHEREAS, the City desires to transfer its Allocation to the Authority and the <br />Authority desires to accept such transfer; and <br /> <br /> WHEREAS, it is in the public interest and for the public benefit that the City <br />Council approves the issuance of the Bends by the Authority, transfers the Allocation to <br />the Authority and designates to the Bonds a portion of the Private Activity Bond Limit <br />expected to be available to the City; <br /> <br />NOW, THEREFORE, it is hereby DETERMINED and ORDERED as follows: <br /> <br /> 1. The issuance of the Bonds in the maximum aggregate face amount of <br />$6,500,000 is hereby approved for the purpose of providing financing for a research and <br />development facility, to be located at the Yale Center, 2229 Yale Street, in the City of <br />Santa Ana, the initial owner and operator of which facility will be Newport Electronics, <br />Inc. <br /> <br /> 2. The City hereby specifically designates to the Bonds the portion of the Private <br />Activity Bond Limit available or expect to be available to the City, which designation <br />shall be irrevocable upon the issuance of the Bonds to the extent of the amount thereof. <br /> <br /> 3. The City pursuant to Section 8869.85(d) of the Act and the Allocation hereby <br />transfers $6,500,000 in bond allocation to the Authority for the Project, which transfer <br />shall be irrevocable upon the issuance of the Bonds to the extent of the amount thereof. <br /> <br />4. This Resolution shall take effect immediately upon its passage. <br /> <br /> I, the undersigned City Clerk of the City of Santa Aha, hereby certify that the <br />foregoing is a full, true and correct copy of Resolution 88~62~ ~ duly adopted by the City <br />Council of the City at a meeting thereof on the 15th day of Augnst, 1988, by the following <br />vote of the members thereof: <br /> <br />AYES, and in favor thereof.' Councilmembers: Acosta, Griset, Hart, May, McGuigan, <br /> Pul ido, Young <br /> <br />NOES: Councilmembers: None <br /> <br />ABSENT: Councilmembers: None <br /> <br />_./~TO FORM <br /> COOPER <br /> CI~I~ORNEY <br /> <br />-2- <br /> <br /> <br />